Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, on 1st October 2019 has announced the launch of the UAE’s first ‘Virtual Company License.’
What is ‘Virtual Company License’ in Dubai?
Doing business in Dubai has got a lot easier after the launching of Virtual Company License by the Dubai Government. This will enable non-resident investor/owner from worldwide to start a business in Dubai without being a resident of UAE.
Dubai Authorities and Stakeholders have come up with a joint initiative of launching a virtual company license. Dubai Economy, Dubai International Financial Centre (DIFC), General Directorate of Residency & Foreigner’s Affairs (GDFRA), Smart Dubai and the supreme legislation Committee focused on three sectors of the industry: Creative industry, technology and commercial services. This will open gates to freelancers and businessmen around the globe to invest and work on e-commerce channels and easily deal with local companies and explore the UAE market.
Eligibility Checklist for Obtaining a Virtual Company license:
Residency: Applicants must be non-residents of UAE at the time of applying for virtual license
Nationality: Applicants must be nationals or tax residents of any of the 101 approved countries (Countries that have implemented the Convention on Mutual Administrative Assistance in Tax Matters and share tax information about their citizens and residents. Major approved countries are India, Pakistan, KSA, USA, Canada, China, Japan & Russia. Check the full list of approved countries for Virtual license in Dubai.
Industry Sector/Activities: Virtual companies are allowed to do selected professional activities that include: Services of advertising and printing, computer programming and IT consultancy services & related activities. Design activities in fashion, jewelry and interior designing are also being encourage to start.
Documents Required to Obtain a Virtual Company License
– Passport copy (valid for more than 3 months till expiry
– Proof of residency (Utility bill or any official letter not more than 3 months old
– Proof of tax residency
– Email ID & Phone Number
– Recent passport size photo with white background
Cost of Virtual Company License
The license fee is charges based on license term:
– Startup fee AED 200 for company name
– Virtual license fee AED 650 per year
– Total AED 850
– Fee in USD: 233$ for 1 year – 411$ for 2 years – 589$ for 3 years
Still Not Sure How to Do? We Can Help You!
There are 2 ways to get a virtual Company license in Dubai to start a business:
- Dubai Virtual Commercial City
- Business Setup Consultants
If you want to know more about legalities, company structure and post company formation procedures, get our help. Jitendra business consultants have experienced business setup advisors for company formation in Dubai & all over UAE. We provide consultancy & advisory services in preparing documents and guidance throughout the process, making sure you are doing everything right.